PCRD up 15% on news of associate's stake sale
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Singapore
PACIFIC Century Regional Developments (PCRD) shares went up 14.7 per cent, or five cents, to close at 39 Singapore cents on Monday, after its Hong Kong-listed associate PCCW said that it would sell its stake worth HK$8.53 billion (S$1.8 billion) in HKT Trust & HKT Ltd (HKT), Hong Kong's largest telecoms company.
In a strategic shift towards core media and solutions businesses, billionaire Richard Li's PCCW will sell 840.7 million shares of HKT for HK$10.15 apiece, 8.4 per cent lower than the last closing price. Mr Li is also chairman of Singapore-listed PCRD. Last year, telecom services accounted for approximately 82 per cent of PCCW's revenue.
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